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Lagos needs $15Billion for lnfrastructure – Sanwo-Olu

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Lagos State Governor Babajide Sanwo-Olu
Lagos State Governor Babajide Sanwo-Olu
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•LASG holds Investors’ Roundtable, Launches Deal Book

•Gov urges Investors to optimise opportunities in Lagos toward 21st Century Economy

Lagos State Governor, Mr. Babajide Sanwo-Olu has disclosed that given the rising population and limited geographical space of the State, Lagos will require about $15 billion over the next five years for infrastructure.

Speaking at the third Lagos Investors’ Roundtable and launching of Deal Book organised by the Office of the Sustainable Development Goals (SDGs) and Investment, Governor Sanwo-Olu called on investors to optimise the advantages of the opportunities in Lagos State toward the goal of developing a 21st Century economy as projected by his administration.

At the investment roundtable, which was attended by foreign diplomats, members of business communities, captains of industries and members of the State Executive Council, among others, Governor Sanwo-Olu also called for partnership with investors and private sector, saying the implementation of the development strategies of his administration demands partnership and contributions of private investors.

He said: “We strongly believe that the continued growth and success of Lagos is premised on the strength and diversity of our partnerships. It is such strategic partnerships that account for Lagos being by far the leading recipient of local and foreign direct investments in Nigeria. It is estimated that, in the last few years, about 80 percent of the investments into Nigeria, has come into Lagos.

“These investments remain vital to our economic growth and wellbeing, supporting tens of thousands of jobs and livelihoods across the city. This is the reason why a forum like this is so important – as a platform for harmonising our respective visions and targets and agreeing on key actions that will not only strengthen existing investment partnerships but also initiate new ones.”

Governor Sanwo-Olu stressed further that “As a government, we understand the value of these relationships in fostering economic resilience, particularly during times of uncertainty, like this one we are in, marked by the combined effects of a global pandemic, climate change, global inflation, the burden of poverty and social and economic inequality, among others.

“As a low-lying aquatic city with over 22 million citizens, confined to the smallest landmass in Nigeria, Lagos is especially vulnerable to all the challenges of a sprawling, densely populated, climate challenged, fast-growing Megacity.

“We believe that given the rising population and limited geography space that we have, Lagos will indeed require about $15 billion over the next five years on infrastructure alone. $15 billion is about five times the budget that we currently have. Lagos budget is about $3 billion today.”

While assuring investors that Lagos State is open and ready for investments, innovation and collaboration, Governor Sanwo-Olu assured investors and private partners that the State Government will create enabling policies and environment for them to thrive in Lagos and for their investments to be safe and secure, as well as ensuring that innovation thrives.

“Indeed we have a huge responsibility to develop critical hard and soft infrastructure that can act as a catalyst for what you do as investors. All of these we have been doing and will continue to do,” the governor said.

Governor Sanwo-Olu during the event also launched the ‘Lagos Deal Book’, which is a compendium of investment opportunities across the state as well as information about the incentives for making the investments and the processes for doing so.

He said: “I encourage you all to take advantage of the rich information contained in this Deal Book, to guide and inform your decision making. Information, they say, is power, and there is something of value and interest to each and every one of you, inside the compendium.

“I also urge you all to continue to support, partner and collaborate with Lagos State and with one another, to create sustainable economic prosperity that will touch the lives of all Lagosians. I would like to ask you all, to please spread the word; Lagos State is open and ready for investment, innovation, and collaboration.”

Speaking earlier, the Special Adviser to Governor Sanwo-Olu on Sustainable Development Goals (SDG) and Investment, Mrs. Solape Hammond, said the roundtable was part of shared aspiration towards making Lagos the most preferred investment destination in the world.

She reassured the investors about the Babajide Sanwo-Olu administration’s determination to institute business-friendly measures to boost investors’ confidence and guarantee trust, adding that her office is working with relevant Ministries, Departments and Agencies (MDAs) of government to minimise all perceived threats and scale-up strategic benefits.

“It is an incontrovertible fact that Lagos derived its age-long excellence partly from the worthy contribution of private investment to its socio-economic development, hence, the commitment towards creating a conducive atmosphere for private businesses to strive.

“As carefully exemplified by Mr. Governor Babajide Sanwo-Olu in his developmental agenda, T.H.E.M.E.S, the utmost goal is to make Lagos the most desirable investment destination in the world. The ability to attract investment remains the hallmark of healthy economies all over the world,” she said.

Also speaking, Commissioners for Transport (Dr. Frederick Oladeinde), Energy (Mr. Lere Odusote), Agriculture (Ms Bisola Olusanya), Tourism, Arts and Culture (Pharm. Uzamat Akinbile-Yusuf), Health (Prof. Akin Abayomi), Special Adviser to the Governor on Works and Infrastructure (Engr. Aramide Adeyoye) and Director-General, Office of Public Private Partnership (Mr. Ope George), who spoke passionately on huge investment opportunities in different sectors in the State and urged investors to tap into them.

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Supreme Court Orders FG To Pay allocations Directly To LGAs

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The supreme court has ruled that the federal government should henceforth pay allocations directly to local government councils from the federation account.

Delivering judgment in the suit on Thursday, a seven-member panel of justices held that state governments have continued to abuse their powers by retaining and using the funds meant for LGAs.

In May, the federal government filed a suit at the supreme court against governors of the 36 states.

In the suit marked SC/CV/343/2024, the federal government asked for full autonomy for the country’s 774 local governments.

In the suit filed by Lateef Fagbemi, attorney-general of the federation (AGF) and minister of justice, the federal government also requested the supreme court to authorise the direct transfer of funds from the federation account to local governments — in accordance with the constitution.

The suit was hinged on 27 grounds.

“That the constitution of Nigeria recognizes federal, states and local governments as three tiers of government and that the three recognized tiers of government draw funds for their operation and functioning from the federation account created by the constitution,” the originating summons had read.

“That all efforts to make the governors comply with the dictates of the 1999 Constitution in terms of putting in place a democratically elected local government system, has not yielded any result and that to continue to disburse funds from the federation account to governors for non-existing democratically elected local governments is to undermine the sanctity of the 1999 constitution.”

The federal government had asked the apex court to invoke sections 1, 4, 5, 7 and 14 of the constitution to declare that the governors and state houses of assembly are under obligation to ensure democratically elected systems at the third tier.

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N33bn Fraud: Ex-Minister Mamman Collapses Outside Court

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Saleh-Mamman
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The arraignment of Saleh Mamman, the former Minister of Power under ex-President Muhammadu Buhari, was on Thursday, July 11, 2024, stalled at a Federal High Court in Abuja due to ill health.

Mamman, whose plea was fixed for Thursday morning, collapsed outside the courtroom before the case was called.

The former minister’s counsel, Femi Ate (SAN), told the presiding judge Justice James Omotosho shortly when the matter was called for Mamman to take his plea.

Upon resumed hearing, the ex-minister walked into the courtroom and stepped into the dock with part of his clothes drenched.

Justice Omotosho then asked why Mamman was sweating or whether it was raining outside.

The former minister, who responded from the dock, said water was poured on him.

The counsel for the Economic and Financial Crimes Commission (EFCC), Adeyinka Olumide-Fusika (SAN), while addressing the court, said though the matter was fixed for Mamman’s arraignment, there was a development outside the courtroom.

Olumide-Fusika said he had a discussion with Ate outside the courtroom about Mamman’s ill-health.

“I was informed of an incident outside. I will want my learner senior advocate to tell the honourable court himself,” he said.

Speaking, Ate said Mamman, “upon being brought into the premises of the court collapsed and had to be resuscitated and treated by the medical personnel of the Federal High Court.”

He said his client was served with the charge after he was resuscitated.

N1.6bn fraud: Please give me time to return looted funds, ex-AGF begs court

“He was served this morning,” he added.

The lawyer said he sought the understanding of Olumide-Fusika for an adjournment so that the arraignment could be done on Monday when his client would have been okay.

However, the judge said due to the workload in the court dockets, the arraignment could only be fixed for September ending.

Ate then withdrew the oral application for an adjournment.

The judge, however, asked Mamman if he was fit enough to take his plea today and he responded in the affirmative.

Mamman, however, said he was fit to continue with the arraignment.

“It can happen to anyone,” the judge said.

Justice Omotosho, thereafter, stepped down the arraignment until Thursday afternoon.

The EFCC had filed a 12-count money laundering charge against the Mamman.

He was alleged to have committed money laundering offences to the tune of N33 billion.

The former minister served under former President Buhari from 2019 to 2021.

 

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Olaide Akinremi, House Of Reps Member, Dies At 51

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Olaide Adewale Akinremi, a member of the house of representatives, is dead.

The lawmaker died on Wednesday morning aged 51.

Akinremi represented Ibadan north federal constituency on the platform of the All Progressives Congress (APC).

He was a ranking member and house committee chairman on science and research.

In a statement, Akin Rotimi, spokesperson of the house, said the Oyo lawmaker was a “dedicated public servant known for his unwavering commitment to the development of his constituency and the country at large”.

“His passion for service, coupled with his deep understanding of the needs and aspirations of his people, earned him the endearing title of ‘Jagaban’.

“Throughout his tenure, he was a staunch advocate for policies and initiatives that promoted social welfare, economic growth, and scientific research.

“His contributions to legislative debates and his active participation in committee activities were a testament to his dedication and hard work.

“Rep. Akinremi was as much a grassroots politician as he was an astute statesman who leveraged his goodwill and network of relationships to attract positive impact to the people of his constituency.

“He built friendships by being intentional about reaching out and sending goodwill messages to all colleagues on special occasions, fostering camaraderie and unity within the House.

“As a ranking member, Rep. Akinremi had keen institutional memory and was a mentor to many first-time parliamentarians, guiding them with wisdom gained from his extensive experience in legislative affairs.”

Tajudeen Abbas, speaker of the house, also expressed “profound sadness” over the passing of the lawmaker.

“Rep. Akinremi Olaide Adewale was a beacon of dedication and service,” Abbas said.

“His contributions to our legislative work, especially in the area of science and research, were invaluable.

“His passing is a great loss to the House, his constituency, and the nation. We will miss his leadership, wisdom, and the unique passion he brought to his work.”

Akinremi’s death comes weeks after the passing of Isa Dogonyaro, a member of the house of representatives who represented Babura/Garki federal constituency of Jigawa state.

Dogonyaro died in May after a brief illness.

 

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